ARE YOU KIDDING?? Fed Investigation CAN'T FIND Single Homeowner Wrongfully Foreclosed Upon
" WASHINGTON, D.C. -- A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed's Consumer Advisory Council said Thursday.
During a public meeting attended by Fed chairman Ben Bernanke and other regulators, consumer advocates on the panel criticized federal bank regulators for narrowly defining what constitutes a "wrongful foreclosure." At least one member of the panel voiced concerns that the public would not take the Fed's findings of improper practices seriously, since the wide-ranging review did not find a single homeowner who was wrongfully foreclosed upon.
The Fed's findings seem to support claims from the banking industry, which has admitted to sloppy practices but has maintained that the homeowners whose homes have been repossessed were substantially behind on their payments. The Fed's report has not been released to the public.
All 50 state attorneys general joined together last fall to probe banks' foreclosure practices after several companies halted home repossessions when improper paperwork practices -- like the so-called "robo-signing" scandal -- came to light. The law enforcement officers have said they've found banks violated numerous state laws. State and federal officials are considering a large-scale settlement with banks and mortgage servicers that could include penalties totaling up to $30 billion and requirements to modify more distressed mortgages. The Fed's report will only further the disagreements between bank regulators, whose top priority is ensuring the safety and soundness of the banking system, and law enforcement officials, who are concerned with reportedly widespread violations of state and federal bankruptcy and consumer protection laws during foreclosures.
Kirsten Keefe, a member of the Fed consumer panel and an attorney at the Empire Justice Center in Albany, New York, said the Fed's report defined "wrongful foreclosures" as repossessions of borrowers' homes who were not significantly behind on their payments. Based on that definition -- the homeowners were already in default -- the Fed found the foreclosures to be justified, members said.
8. But I'm quite sure in the end your twelve year old will eventually find her mp3 player if she wants
to listen to her music. These crooks know where to look and where they can find the so called ' wrongfully foreclosed homes ' but instead, decided to invent some NEW foreclosure definitions in order to give the banksters criminal cover.
20. Feel free, I just can't think of enough words that would be
appropriate since I don't usually swear and don't have a collection of suitable words, but if you do, I would love to learn them. Lately there have been so many occasions where it would have been helpful to be able to find the proper language to describe what is happening to this country.
29. Tell me you couldn't imagine GHWB smirking into the camera and saying...
..."Them documents must be where the WMD were!" to the sound of canned applause.
It's almost that farcical, the way these things work out, and even moreso in how many people believe it. "Oh, see, there were no wrongful home foreclosures, it was them poor folk, why they done wrecked the WHOLE WORLD'S ECONOMY!" Bet they never knew they had that kind of power.
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